Stock Code: 600873 Stock Abbreviation: Meihua Bio

MeiHua Holdings Group Co., Ltd.

2026 Semi-Annual Report

This is an English translation from the 2026 Semi-Annual Report, in case of any inconsistency, the Chinese Version shall prevail.

Important Information

• I. The Company’s board of directors, directors, and officers guarantee that the contents of this semi-annual report are true, accurate, and complete without any false records, misleading statements, or material omissions and bear joint and several legal liability.
• II. All of the Company’s directors have attended the board meeting.
• III. This semi-annual report has not been audited.
• IV. Wang Aijun, the principal of the Company, Wang Lihong, the accounting principal, and Wang Ailing, the principal of the accounting body (the accounting officer), hereby declare that they guarantee the truthfulness, accuracy, and completeness of the financial report in this semi - annual report.
• V. Profit distribution plan or capital reserve conversion plan for the Reporting Period as approved by the Board Not Applicable
• VI. Risk Disclosure on Forward-Looking Statements √ Applicable Not applicable

This semi-annual report involves forward-looking descriptions such as future plans, and such statements do not constitute material commitments for investors. Investors are reminded to pay attention to the risk of investment.

• VII. Any occupation of funds by the controlling shareholder or other affiliates for non-operating purposes No
• VIII. Any external guarantee that violates the decision-making procedures No
• IX. Is it the case that more than half of the directors cannot guarantee the truthfulness, accuracy, and completeness of the semi-annual report disclosed by the Company? No
• X. Warning of Key Risks

For the details of the risks faced by the Company, refer to the “Potential Risks” part in “Section 3 Discussion and Analysis by the Management” and the “Risks Related to Financial Instruments” part in “Section 8 Financial Report”.

XI. Miscellaneous

 Applicable √Not applicable

Contents

• Section 1 Definitions..............................................................................................................................5
• Section 2 Company Overview and Key Financial Indicators...........................................................9
• Section 3 Discussion and Analysis by the Management.................................................................. 12
• Section 4 Corporate Governance, Environment, and Society........................................................ 33
• Section 5 Significant Matters..............................................................................................................38
• Section 6 Share Changes and Shareholders......................................................................................46
• Section 7 Information on Securities...................................................................................................51
• Section 8 Financial Report..................................................................................................................52

Section 1 Definitions

In this report, the terms below have the following meanings, unless the context otherwise requires:

Section 2 Company Overview and Key Financial Indicators

• I. Company Information

• II. Contact Person and Contact Information

• III. Summary of Changes in Basic Information

IV. Summary of Changes in Information Disclosure and Filing Locations

V. Company’s Stock Information

VI. Other Relevant Information

□Applicable √Not applicable

VII. Key Accounting Data and Financial Indicators of the Company

• (I). Key Accounting Data Unit: yuan Currency: RMB

• (II). Key Financial Indicators

Notes to the Company’s key accounting data and financial indicators

Applicable √Not applicable

VIII. Differences in Accounting Data under Domestic and Foreign Accounting Standards

Applicable √Not applicable

IX. Non-recurring Items and Amounts

√ Applicable Not applicable

Unit: yuan Currency: RMB

If the Company defines any items not listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 – Non-recurring Gains or Losses

• as non-recurring items which involve significant amounts or defines any non-recurring items listed in the Explanatory Announcement on Information Disclosure for Companies Offering Their Securities to the Public No.1 – Non-recurring Gains or Losses as recurring items, the Company should provide the reasons.

 Applicable √Not applicable

• X. Net Profit Adjusted for Share-Based Payments (Applicable to Companies with Equity Incentive or Employee Stock Ownership Plans)

 Applicable √Not applicable

• XI. Miscellaneous

 Applicable √Not applicable

Section 3 Discussion and Analysis by the Management

I. Industry and Main Business Overview During the Reporting Period (I) Industry Overview Based on the Guiding Catalogue of Key Products and Services for Strategic Emerging Industries

(2016 Edition) issued by the National Development and Reform Commission (NDRC), Meihua Bio’s main products fall within the “bio-manufacturing industry of the biological industry.” Therefore, the Company operates in the bio-manufacturing industry.

Biomanufacturing is an advanced production method centered on industrial biotechnology. Based on cutting-edge biological technologies such as genetic engineering and synthetic biology, it uses the physiological and metabolic functions or catalytic activities of microbial strains, cells, and enzymes to produce target products on a large scale through industrial fermentation processes. It covers the full spectrum of categories, including food/additives, biopharmaceuticals, bio-based materials, bulk chemicals, and energy.

Synthetic biology is a disruptive technology that integrates multidisciplinary knowledge and technologies such as biology, engineering, and informatics. Following engineering principles, it designs, modifies, reconstructs, or even artificially synthesizes organisms to construct artificial biological systems with specific functions, enabling innovative applications in fields such as biomedicine and biomanufacturing.

• 1. Industry Scale According to data released by the Ministry of Industry and Information Technology at the 2025 Biomanufacturing Conference, China’s biomanufacturing industry reached a total scale of RMB 1.1 trillion in 2025. From the perspective of long-term global market potential, McKinsey estimates that from 2030 to 2040, biomanufacturing could generate an annual economic impact of USD 1.7–3.6 trillion, and biomanufactured products could cover approximately 70% of chemically manufactured products. Boston Consulting Group (BCG) predicts that by the end of the 21st century, biomanufacturing is expected to be applied in one-third of global manufacturing, creating USD 30 trillion in economic value.
• 2. Industry Outlook

Biomanufacturing is entering a development window of comprehensive acceleration during the 15th Five-Year Plan period. During this period, driven by multiple factors including national strategic guidance, technological breakthroughs as a key enabler, and market demand, the industry enjoys broad development prospects:

(1) Policy-driven: top-level strategies lead industrial upgrading

Biomanufacturing has risen to a core position in national strategy. China’s first five-year plan for the bioeconomy has already identified biomanufacturing as a key development area, and the country will subsequently formulate a development plan for biomanufacturing. At the same time, supporting policies

• at the local level have been introduced successively, forming a coordinated support system between central and local governments. Overseas, both the United States and Europe have issued national-level bioeconomy strategies, and the global policy environment is generally improving.

(2) Technology-driven: deep integration of AI and synthetic biology

Core technologies such as synthetic biology and gene editing continue to achieve breakthroughs. Combined with AI empowerment across the entire chain, they are jointly catalyzing a leap in the industry’s capability level. AI is driving the industry’s transformation from traditional empirical trialand-error to precise and rational design, significantly shortening R&D cycles and reducing industrialization costs. At the same time, the deployment of new routes such as non-food feedstocks and C1 feedstocks is accelerating, supporting the green and low-carbon transformation of the entire industrial chain.

(3) Demand-driven: diversified markets open up growth space

Downstream rigid demand markets such as food processing, feed additives, and healthcare continue to expand, while emerging tracks such as bio-based materials, daily chemicals and cosmetics, and green energy are growing significantly. As biomanufacturing substitution accelerates, a near-trillion-yuan substitution market is gradually being unleashed. The industry’s focus is shifting from substituting bulk

chemicals to competing globally in high-value-added products, driving the domestic industry to upgrade from a “supplier of bulk fermentation products” to a “core competitor in high-value-added biological products.”

(II) Core Business Overview

Meihua Bio is a globally leading biomanufacturing enterprise that leverages synthetic biology technologies to achieve large-scale production of amino acids. Through long-term industry cultivation and strategic planning, the Company has built a well-balanced and diversified product matrix, with business operations spanning multiple core segments including animal nutrition amino acids, food flavor enhancers, pharmaceutical ingredients, and colloidal polysaccharides.

During the reporting period, the Company continued to advance the in-depth integration of crossborder acquired assets, completing the alignment and integration of personnel, business, intellectual property, and production bases at home and abroad. The completion of this acquisition expanded the Company’s high-end pharmaceutical amino acid product matrix, helped improve its high-value-added business layout, and enhanced its comprehensive operational capabilities and risk resilience in the global market.

During the reporting period, the Company’s principal products included:

 Animal Nutrition Amino Acids: lysine, threonine, tryptophan, feed-grade valine, starch byproduct feed fiber, corn germ, microbial protein, MSG by-products, etc.

 Food Taste-Enhancement Products: glutamic acid, monosodium glutamate (MSG), disodium inosinate, disodium guanylate, food-grade xanthan gum, trehalose, etc.

 Human Nutrition and Pharmaceutical Amino Acids and Related Products: glutamine, proline, leucine, isoleucine, pharmaceutical-grade valine, inosine, guanosine, adenosine, pullulan polysaccharide, vitamin B2, histidine, arginine, etc.

 Other Products: industrial-grade xanthan gum and bio-organic fertilizers. The Company adopts an integrated business model encompassing research and development,

production, and sales. During the reporting period, there were no significant changes in the Company’s business model.

(III) Industry Overview of Major Products in the First Half of the Year

1. Key Raw Materials: Corn

Corn is the core raw material for the Company, accounting for more than 50% of production costs. Fluctuations in corn prices have a direct impact on production costs. In the first half of 2026, China’s corn market exhibited a pattern of “rising first and then falling, with high-level volatility.” The national average corn price in the first half was RMB 2,355 per ton, up 2.44% quarter-on-quarter and 5.75% year-on-year. The average price in April rose to a near two-year high, while prices pulled back slightly from May to June due to the auction of designated rice and the impact of sprouted wheat.

During the reporting period, leveraging production bases in the major producing areas of Tongliao, Xinjiang, and Jilin, the Company ensured supply through diversified procurement models such as direct purchases from farmers, grain auctions, and entrusted procurement and storage. By grasping the rhythm

of market cycles and building inventory when new grain entered the market at low price levels, the Company effectively mitigated the pressure from rising raw material prices to a certain extent.

2. Major Product Market Conditions

According to the Boyar report, in the first half of 2026, domestic supply of feed amino acids continued to increase, while downstream hog farming suffered deep losses and demand remained weak. As a result, prices of amino acid products declined year-on-year and performance came under pressure. Overseas, anti-dumping measures, tariff barriers, and rising shipping costs added to pressure on export sales.

(1) Lysine

In terms of prices, lysine prices rose first and then fell in the first half of the year. The average price of 98.5% lysine was RMB 7.20/kg, up 3.45% quarter-on-quarter but down 20.97% year-on-year. The average price of 70% lysine was RMB 4.61/kg, down 2.54% quarter-on-quarter and 14.47% year-onyear. Industry profit margins were severely compressed.

In terms of exports, customs data showed that cumulative exports of lysine esters and salts reached 569,600 tonnes in the first half, up 9.22% year-on-year. Exports to Europe and South America increased significantly year-on-year, while exports to North America declined sharply.

In terms of overseas trade barriers, at the end of April, the EU relaunched an anti-absorption investigation into Chinese lysine. In June, Brazil imposed five-year anti-dumping duties of 26.0%– 132.6% on Chinese lysine. Export costs to Brazil are expected to rise significantly, limiting future export growth. In July, the United States announced final determinations in anti-dumping and countervailing duty investigations on Chinese lysine, keeping overseas exports under sustained pressure.

(2) Threonine In the first half, domestic threonine production operated stably, and market prices rose first and

then fell, supported by exports. The average price of threonine was RMB 8.47/kg, down 1.74% quarteron-quarter and 18.95% year-on-year, narrowing industry profitability year-on-year.

In terms of exports, cumulative exports of other amino alcohols and phenols (mainly containing threonine) reached 379,700 tonnes in the first half, up 6.95% year-on-year. Exports to Europe, Asia, and South America increased, while exports to North America declined.

(3) Valine

In the first half, domestic valine supply was excessive, and the decline in soybean meal prices suppressed part of the substitution demand, causing valine prices to fluctuate downward. During the reporting period, the average valine price was RMB 13.59/kg, up 3.74% quarter-on-quarter but down 5.10% year-on-year. By the end of June, transaction prices fell below RMB 10.5/kg, hitting a new stage low.

In terms of overseas trade, in February the EU imposed anti-dumping duties of 31.3%–53.8% on Chinese valine, restricting export volume expansion. The domestic supply-demand imbalance further compressed the industry’s profit margins.

(4) MSG

In the first half, MSG prices rose rapidly and then pulled back slightly. The average price of largepack MSG was RMB 6,921.1 per tonne, down 1.3% year-on-year, with the price bottom significantly higher than in the second half of 2025. During the reporting period, China’s cumulative MSG exports reached 567,000 tonnes, up 9.0% year-on-year.

Explanation of Significant Non-Core Business Additions During the Reporting Period

 Applicable √Not applicable

• II. Discussion and Analysis of Business Performance In the first half of 2026, the Company achieved operating revenue of RMB 12.235 billion,

representing a decrease of 0.37% compared with the same period of the previous year. During the reporting period, the release of lysine production capacity at the Company’s subsidiary Jilin Meihua led to an increase in sales volume of lysine and by-products. However, affected by multiple factors such as increased industry supply and weak end-user demand, prices of the Company’s main products including lysine, threonine, and MSG declined year-on-year, resulting in a decrease in revenue from principal operations. During the reporting period, affected by the decline in prices of major products, the Company’s overall operating profit declined year-on-year. Net profit attributable to shareholders of the listed company in the first half was RMB 662 million, down 62.56% compared with the same period of the previous year.

During the reporting period, facing the complex situation of loose industry supply and pressure on product prices, the Company focused on the main themes of “globalization, technology-driven development, and digitalization” and made significant progress in four major areas: cross-border M&A integration, R&D innovation, intelligent manufacturing, and coordination across production, supply, and marketing. The Plumino platform achieved profitability ahead of schedule. The Company’s competitive advantages in synthetic biology continued to be consolidated, its digital and intelligent transformation advanced in depth, and its global competitive advantages were further enhanced.

(I) Cross-Border M&A Integration Delivered Significant Results, with Plumino Achieving Profitability

In July 2025, the Company completed the delivery of all assets of the amino acid business of Kyowa Hakko in Japan, and all acquired businesses were consolidated under the wholly owned platform Plumino for operation. As the Company entered 2026, business integration advanced comprehensively from the asset stabilization stage to deep integration featuring system integration, operational efficiency improvement, and structural optimization. After six months of dedicated efforts, the former Kyowa Hakko business segment successfully turned losses into profits.

1. Systematic Integration Fully Implemented

Market-oriented operating mechanism: After the handover, Plumino fully implemented a market-oriented operating mechanism, establishing a management model under which each production entity operates independently and is responsible for its own profits and losses. All internal product

transfers are conducted at fair market pricing. Through institutional design, the internal impetus of each operating unit has been fully stimulated, driving steady improvement in capacity utilization efficiency.

To focus on the core business and optimize global resource allocation, in April 2026 the Company sold 100% equity interest in Plumino’s Thailand plant to Novonesis, a global biotechnology leader, completing the overall divestiture of non-core businesses and assets such as HMO (human milk oligosaccharides). After the transaction, Plumino’s asset structure was further optimized, its business became more focused, and the efficiency of capital and resource allocation improved significantly. The transaction also laid a solid foundation for broader exchanges and cooperation between the two leading biotechnology companies.

Systematization of management standards: In May 2026, Plumino’s overseas bases officially launched the SAP system. The Company replicated and exported its internal standardized management processes, achieving unified data standards and coordinated internal control approval standards across Plumino’s bases in production, sales, finance, and quality. This launch represents not only the implementation of an information system, but also a firm extension of the Company’s lean operation management system across the entire business chain, laying a solid data foundation for further in-depth business synergy.

Supply chain autonomy: Leveraging the Company’s upstream raw material supply chain advantages, during the reporting period Plumino advanced the independent substitution of pharmaceutical-grade crude raw materials at its Shanghai plant in phases, gradually reducing dependence on external high-priced single-source raw materials. At the same time, mature domestic fermentation and purification processes were exported to overseas bases, promoting a two-way flow of technical capabilities. In the first half of the year, unit production costs of core products such as glutamine and histidine declined significantly, and the results of supply chain autonomy building gradually became evident.

Systematization of quality compliance: Quality management was upgraded from end-product inspection to a full-chain “holistic quality” control model covering incoming raw materials, the entire production process, and finished product release. The Company strictly benchmarks against international GMP standards for pharmaceutical active pharmaceutical ingredients (APIs), improves the product quality traceability system, and effectively mitigates the risk of customer trust erosion caused by API changes. This ensures that quality control standards do not decline during business integration and that the foundation of customer cooperation remains stable.

2.Plumino's Operations Showed Steady Progress and Achieved Profitability Ahead of Schedule

Following systematic integration and excluding the impact of asset disposal, Plumino achieved profitability at the operating level in the first half of 2026, meeting the target of turning losses into profits ahead of schedule for the year. The business has officially entered a stage of stable profitability.

Continuous enrichment of the product matrix: In terms of pharmaceutical-grade amino acids, multiple small-volume products such as histidine, proline, valine, and isoleucine steadily expanded

customer channels at home and abroad, while registration and filing in multiple countries continued to be advanced. In terms of food-grade amino acids, products such as arginine and citrulline continued to expand market share, and efforts were made to build differentiated qualifications such as non-GMO certification. At the same time, the Company actively explored emerging application areas such as cosmetic grade, continuously broadening its growth boundaries.

Increasingly well-developed global layout: Currently, Plumino has established a dual-core structure featuring a high-end refining base in Shanghai and a local production and sales base in North America. The Shanghai base focuses on the refining and R&D/testing of high-end pharmaceutical APIs, while the North America base leverages local manufacturing advantages to deepen its presence in the North American sports nutrition and pharmaceutical-grade amino acid markets. On this basis, the Company is actively expanding customers in Europe, Asia, and other regions, with the coverage and penetration of the global production and sales network continuing to improve.

Deepening technological integration: Plumino has fully inherited the pharmaceutical-grade amino acid fermentation and refining processes and the rigorous quality control system cultivated by Kyowa Hakko in Japan over many years, and possesses quality management capabilities that meet international high standards such as FDA and CEP. Leveraging this acquisition, the Company rapidly established a global patent protection network covering core products and key processes. Combined with the Company's own technological accumulation in strain improvement and synthetic biology, this has truly achieved two-way integration and iterative upgrading.

3. Subsequent Plans

In the second half of the year, the Company will continue to deepen the integration of various business lines, accelerate the coordination and connectivity of global processes, supply chains, and sales channels, consolidate the existing achievements in digitalization, cost reduction and efficiency improvement, and quality system upgrading, and further release synergies and integration dividends. At the same time, with a view to long-term global capacity deployment, the Company is conducting feasibility studies for plant construction and verification of production factor safeguards in other key overseas regions, making preliminary preparations for subsequent overseas greenfield investments.

(II)Technological Innovation Accelerated Comprehensively, with the Synthetic Biology Platform's Advantages Becoming Prominent

In the first half of 2026, the Company further consolidated its internal R&D resources, and centered on building its synthetic biology platform, continued to deepen AI-powered intelligent R&D, intellectual property deployment, iteration of core product technologies, and industrialization, continuously reinforcing its technology leadership across the entire industrial chain.

Continuous optimization of the R&D system: During the reporting period, the Company initiated the organizational development of a central research institute, coordinating the construction of the Company-wide R&D system and resource integration, and breaking down R&D resource barriers through top-level design. Meanwhile, the Company iterated and improved its R&D management system,

optimizing key control processes such as project approval review and milestone acceptance, reducing ineffective R&D investment from the process side, and enhancing the efficiency of technology commercialization. Intellectual property work shifted from "quantity accumulation" to "quality improvement." As of June 30, 2026, the Company had filed a cumulative total of 382 invention patent applications (45 new applications in the first half) and obtained 140 authorized invention patents (25 new authorizations in the first half), covering core product technology areas such as strains and production processes.

AI empowerment drives a leap in R&D efficiency: Building on the optimization of the R&D system, the introduction of AI technology is fundamentally changing the R&D model. During the reporting period, Phase I of the self-developed bioinformatics intelligent analysis system based on an AI Agent architecture entered trial operation. The system is deeply integrated with the Feishu platform, allowing researchers to invoke gene analysis in real time through natural language commands, significantly lowering the barrier to tool usage. Actual test data showed that compared with traditional methods, the time required for a single round of gene analysis was shortened by 85%, and the cycle for directed evolution and iterative validation of strains was shortened by approximately 10%, significantly improving R&D efficiency.

Significant results in R&D-production integration: During the reporting period, new strains and new processes for core amino acid categories were deployed across various production bases, and a newgeneration feed protein product completed pilot validation and is now ready for industrialization. The Tongliao pilot platform was completed and put into operation, providing multi-category process scale-up validation capabilities and serving as a bridge for the rapid commercialization of R&D achievements. Key strain projects rapidly completed the entire process from laboratory to large-scale production, setting a new record for the speed of technology commercialization in the Company's fermentation categories.

Steady progress in global layout: Strain technologies for multiple categories including arginine, histidine, and tryptophan acquired through the cross-border M&A have been assimilated and absorbed, with strain iteration and process optimization progressing as planned. Preparations for regulatory compliance and market access in the EU and North American markets are also advancing simultaneously. In terms of talent development, the Company recruited a number of high-end talents in the field of synthetic biology in the first half, strengthening capabilities in key technology areas. The global layout of talent, technology, and compliance is building a solid foundation for the long-term development of the Company's synthetic biology platform.

(III) Digital-Intelligent Integration Advanced in Depth, with Intelligent Manufacturing Level Continuously Improved

The Company aims to build "data-driven intelligent manufacturing" and continues to promote the full deployment of MES across its three major production bases, establishing a digital management network covering the entire process from incoming raw materials to finished product warehousing. In

the first half of 2026, on the basis of the normalized operation of MES, the Company further deepened functional applications, integrated AI technologies to explore intelligent production scenarios, and continued to drive the transformation of production management from "experience-driven" to "datadriven."

Business-finance integration continued to deepen: In the first half, all three major production bases fully realized online MES-based production cost accounting, unified the Company-wide cost accounting rules, and significantly improved the accuracy and efficiency of cost data. This change brought not only efficiency gains, but also a shift in the focus of financial work—from basic data accounting to cost drill-down analysis and business optimization support. Business-finance integration continued to deepen, and financial data became deeply linked with the entire production and operation chain.

AI application implementation delivered cost reductions: During the reporting period, multiple AI application scenarios were successively implemented on the business side, releasing cost-reduction value. The liquid discharge management AI model was launched, enabling automatic generation of discharge plans and early prediction of abnormal fluctuations. The power cost AI model, combined with operating mechanism innovation, drove the transformation of power management from passive control to proactive operation. During the six-month trial run, the three major bases cumulatively saved more than 28 million kWh of electricity and over RMB 10 million in costs, exceeding the cost-reduction target ahead of expectations.

Continued cultivation of a company-wide digital-intelligent innovation atmosphere: In the first half, the Company successfully held the first Feishu AI Pioneer Contest, covering the corporate headquarters and the three major production bases. The contest identified a number of implementable and reusable AI efficiency improvement solutions, promoting the penetration of AI applications into all production and management business scenarios. In the second half of the year, the Company will continue to promote MES function upgrades, expand the scope of AI applications, and build a companylevel visualized production scheduling and command screen, empowering production and operations through digital and intelligent technologies and driving continuous improvement in overall management efficiency.

(IV) Deeper Coordination Across Production, Supply, and Marketing, with Global Competitive Advantages Continuously Consolidated

In the first half of 2026, faced with the complex situation of continued industry supply expansion and pressure on product prices, the Company strengthened coordination mechanisms across the entire chain of production, procurement, and sales. On the production side, it stabilized capacity and optimized layout; on the procurement side, it controlled costs and ensured supply; and on the sales side, it expanded markets and increased market share. Operational efficiency across the entire chain continued to improve.

Capacity scale expanded and product structure optimized: In the first half, the Jilin 600,000tonne lysine project reached full production and achieved its designed benefits, bringing the Company's total lysine capacity to 1.6 million tonnes and further consolidating its strategic market leadership in the lysine segment. Meanwhile, construction of the Tongliao 300,000-tonne threonine project and the Xinjiang 90,000-tonne valine project progressed steadily, and both are expected to come on stream successively in the second half of the year.

Among these, the Xinjiang valine project adopts an independently developed anaerobic new process, with product yield increased by 16 percentage points. After the project comes on stream, the Company's total valine capacity will reach approximately 100,000 tonnes. The application of the new process not only expands capacity scale, but also significantly improves production and operational efficiency, fully demonstrating the Company's core competitive advantage driven by the twin engines of "scale + technology."

In addition, during the reporting period, the Company's Tongliao base launched a small-volume amino acid upgrading and new product expansion project with a total investment of RMB 300–500 million, focusing on production lines for high-value-added products such as pharmaceutical-grade and food-grade products. The project is expected to come on stream in batches from the fourth quarter of 2026 to the first half of 2027, which will further enrich the Company's product matrix, continuously optimize the product structure, and increase the proportion of high-value-added products.

Precise procurement policies and enhanced supply resilience: Centering on the strategy of "indepth market research, optimized structure, and digital-intelligent empowerment," in corn procurement, the Company relied on its three major bases to hedge price fluctuations through methods such as building inventory at low price levels and entrusted storage cooperation. In coal procurement, it took long-term agreement supply guarantees as the foundation and optimized customer structure and blending

• plans. The SRM procurement management system operated stably, realizing the online and standardized management of the entire procurement process. The Company is also exploring the independent development of AI models to advance the informatization of the corn market and enhance the scientific nature of procurement decisions through digital means. In terms of supplier management, the Company developed 44 new suppliers in the first half, deepened strategic cooperation with core suppliers, and jointly mitigated risks from market fluctuations.

Deepened expansion in global markets with leadership position further consolidated: In the first half, the Company adhered to the operating strategy of selling all output, continued to deepen its presence in global markets, and consolidated its industry leadership position. During the reporting period, the Company continued to deepen long-term strategic partnerships with customers, proactively empowered downstream customers to expand diversified application channels and end-use scenarios, strengthened formulation application technical service capabilities, collaborated with customers on new product development and application innovation, and jointly tapped incremental space in end-user markets. Faced with a complex and volatile international trade environment, the Company actively responded to various trade frictions, obtained the lowest duty rate in the EU anti-dumping response, and

achieved significant year-on-year and quarter-on-quarter growth in sales volume to the EU region during the reporting period. Regarding the Brazil anti-dumping investigation, on the basis of steadily advancing response efforts, the Company orderly adjusted export supply layout, advanced regional market shifts, vigorously explored emerging overseas markets such as Latin America, continuously optimized and improved its global sales network, and enhanced its risk resilience and overall penetration in global markets.

In the second half of the year, the Company will deepen the coordination mechanism across production, supply, and marketing, accelerate the commissioning and full-efficiency operation of key projects, optimize supply chain flexibility, deepen global customer and market development, and continue to consolidate advantages across the entire chain of cost, scale, and market, thereby enhancing its ability to operate through cycles.

Significant changes in the company’s operations during the reporting period, as well as events that occurred during the period that have had, or are expected to have, a material impact on the company’s operations in the future

 Applicable √Not applicable

III. Analysis of Core Competitiveness during the Reporting Period √ Applicable Not applicable

During the reporting period, there were no significant changes in the Company's core competitiveness.

(I) R&D-Production Synergy, Breaking Boundaries

The Company has always placed technological innovation at the top of its development strategy and maintains stable and sufficient R&D investment over the long term. The Company's R&D team recruits numerous professional technical talents from universities at home and abroad, and has independently built specialized experimental platforms for strain selection and genetic modification, capable of performing targeted strain improvement and fermentation process optimization for various target products. Leveraging the massive amount of experimental data accumulated over the years and mature technology reserves, the Company has also built an AI-powered intelligent bioinformatics analysis system, coordinates patent deployment on a global scale, and continuously accelerates the iteration of core technologies.

In terms of R&D management, the Company's central research institute coordinates R&D resources at home and abroad in a unified manner, builds supporting pilot platforms covering multiple product categories, and connects the complete transformation chain from basic laboratory R&D, pilot validation, engineering scale-up, to industrial mass production. On one hand, it can rapidly translate strain improvement results into large-scale production; on the other hand, it efficiently undertakes the industrialization of cutting-edge biotechnology, continuously expanding the development space and boundaries of the bio-fermentation industry.

(II) Efficient Operations, Cost Leadership

The Company has established a complete integrated operation management system, with improving organizational efficiency as the core, and fully implements daily clearing and settlement and full-process closed-loop management. By optimizing business processes, enabling digital collaboration across the entire industrial chain, and implementing closed-loop performance assessment mechanisms, the Company achieves efficient linkage and rapid coordination among upstream and downstream production processes, with overall operational efficiency continuously improving.

The Company's major production bases are located in major producing areas of core raw materials such as corn, naturally enjoying geographical cost advantages in raw materials. Each base has developed a circular industrial chain integrating corn deep processing, self-sufficiency in thermal power and steam, wastewater recycling and treatment, and resource utilization of organic fertilizer. Relying on integrated

• plant planning to control fixed asset investment, systematically reducing production energy consumption, and flexibly coordinating capacity allocation for multiple product categories, combined with industryleading economies of scale and full industrial chain synergy advantages, the Company maintains outstanding comprehensive cost competitiveness in the industry over the long term.

(III) Diversified Product Portfolio, Navigating Through Cycles

The Company focuses on the core business of bio-fermented amino acids, and has formed a complete product matrix covering feed-grade bulk amino acids, food additives, and high-end pharmaceutical-grade amino acids. Demand varies across different downstream application markets, which can naturally hedge performance and significantly mitigate the impact of supply-demand and price fluctuations of a single product on the Company's overall operations.

With globally leading production capacity and integrated full industrial chain operational capabilities, the Company has a solid foundation for risk resistance in overall operations. As multiple high-value-added pharmaceutical amino acid production lines are subsequently brought on stream, the Company's product structure will continue to be optimized, and its ability to withstand industry cyclical fluctuations will be further enhanced.

(IV)From "Product Export" to "Capability Export": Building New Advantages in Global Competition

The Company possesses mature global operational capabilities, has established a sales and localized service network covering major markets worldwide, and has developed a standardized and rapidly replicable production and operation management model. Through years of cross-border business operations, it has accumulated extensive experience in responding to international trade frictions and managing overseas market risks.

Relying on mature overseas industrial investment and M&A integration capabilities, as well as a global intellectual property protection system covering the entire chain of strains, processes, and products, the Company's internationalization strategy is upgrading from simply exporting products to exporting industrial capabilities. In the future, the Company will further optimize its global capacity layout by investing in and constructing overseas production bases and implementing localized operations,

fully leveraging differentiated resources in various regions to tap growth potential, and continuously consolidating and expanding its international competitive barriers.

(V) Cultural Cohesion, Building a Talent Highland

The Company adheres to the corporate culture of "all-employee management and value creation and sharing," has established a performance incentive mechanism that balances process management and business results, and has continuously launched multiple employee stock ownership plans, deeply binding employees' personal interests to the Company's long-term development and fully stimulating the internal vitality of the organization.

In terms of talent cultivation, the Company insists on both external recruitment of high-end talents and internal talent pipeline development. Relying on systematic training programs such as the "Zhiyuan Program," it builds multiple professional talent teams in technology R&D, production management, and international operations in a tiered and categorized manner, continuously reserving high-quality human resources for the Company's global layout and industrial transformation and upgrading, thereby laying a solid foundation for sustainable development.

• IV. Major Business Performance during the Reporting Period

• (I). Analysis of Main Business

• 1. Analysis of Changes in Financial Statement Accounts Unit: yuan Currency: RMB

Reasons for Change in Revenue: During the Reporting Period, the Company's revenue totaled RMB 12.235 billion, down 0.37% year-on-year. Main reasons: the release of production capacity at the new lysine production line of the Company's subsidiary Jilin Meihua led to an increase in sales volume of lysine and by-products; however, affected by multiple factors such as increased industry supply and weak end-user demand, prices of the Company's main products including threonine, lysine, and MSG declined, resulting in a decrease in revenue from principal operations.

Reasons for Change in Operating Costs: During the Reporting Period, the Company's operating costs totaled RMB 10.653 billion, up 12.93% year-on-year. Main reasons: (1) the increase in sales

volume of lysine and by-products during the period drove up costs; (2) raw material prices rose compared with the same period last year, and the Company offset the increase in raw material prices through process optimization and upgrading as well as refined cost control.

Reasons for Change in Selling Expenses: During the Reporting Period, the Company's selling expenses increased by 5.23% year-on-year, mainly due to an increase in expenses of overseas companies compared with the same period last year.

Reasons for Change in General and administrative Expenses: During the Reporting Period, the Company's General and administrative expenses decreased by 9.51% year-on-year, mainly due to a decrease in employee expenses during the period.

Reasons for Change in Financial Expenses: During the Reporting Period, the Company's financial expenses increased by 359.43% year-on-year, mainly because, affected by fluctuations in the foreign exchange market, exchange gains in the same period last year turned into exchange losses in the current period, thereby increasing financial expenses.

Reasons for Change in R&D Expenses: During the Reporting Period, the Company's R&D expenses decreased by 6.21% year-on-year, mainly due to a decrease in R&D investment during the period.

Reasons for Change in Net Cash Flows from Operating Activities: During the Reporting Period, the Company's net cash flows from operating activities decreased by 83.17% year-on-year, mainly due to an increase in the scale of raw material procurement during the period.

Reasons for Change in Net Cash Flows from Investing Activities: During the Reporting Period, the Company's net cash flows from investing activities increased by 39.69% year-on-year, mainly because the same period last year included payment for overseas acquisitions, while the current period included gains from the disposal of a subsidiary.

Reasons for Change in Net Cash Flows from Financing Activities: During the Reporting Period, the Company's net cash flows from financing activities increased by 102.79% year-on-year, mainly due to unpaid dividends during the period.

2. Detailed explanation of significant changes in the Company’s business type, profit composition, or profit sources during the Reporting Period

 Applicable √ Not applicable

(II). Explanation of Significant Changes in Profit Due to Non-Core Business

 Applicable √ Not applicable

(III). Analysis of Assets and Liabilities √Applicable Not applicable

• 1. Assets and liabilities Unit: yuan Currency: RMB

Other information None

• 2. Overseas assets √ Applicable Not applicable

• (1) Asset size

Of which, overseas assets amounted to RMB 2.091 billion (unit: RMB 100 million; currency: RMB), accounting for 7.81% of total assets.

• (2) Explanation of a high proportion of overseas assets

 Applicable √ Not applicable Other information None

• 3. Restrictions over major assets as of the end of the Reporting Period

√ Applicable Not applicable

Unit: yuan Currency: RMB

• 4. Other information

 Applicable √ Not applicable

(IV). Analysis of Investment

1. Overall analysis of external equity investment

√ Applicable Not applicable

Unit: yuan Currency: RMB

(1) Significant equity investment

 Applicable √ Not applicable

(2) Significant non-equity investment

 Applicable √ Not applicable

(3) Financial assets measured at fair value

√ Applicable Not applicable

Unit: yuan Currency: RMB

Securities investment

 Applicable √ Not applicable Explanation of securities investment

 Applicable √ Not applicable Private equity investment

 Applicable √ Not applicable Derivatives investment

 Applicable √ Not applicable

(V). Sale of Material Assets and Equity

 Applicable √ Not applicable

(VI). Analysis of Major Holding and Joint Stock Companies

√ Applicable Not applicable Major subsidiaries and investees whose impact on the company’s net profit reaches or exceeds 10% √ Applicable Not applicable

Unit: 100 million yuan, Currency: RMB

Acquisitions and disposals of subsidiaries during the reporting period √ Applicable Not applicable

Other explanations

 Applicable √ Not applicable

(VII). Structured Entities Controlled by the Company

 Applicable √ Not applicable

V. Other Disclosures

• (I). Potential Risks √ Applicable Not applicable

1. Risks Related to Overseas Market Operations The Company's overseas revenue accounted for approximately 30% of total revenue. The

Company's business spans multiple regions around the world. Overseas production and sales are subject to strict compliance with local laws, product market access requirements, and supplier management rules. Given the heightened uncertainty in the global geopolitical and economic and trade environment, overseas business faces multiple potential risks.

(1) Exchange Rate Fluctuation Risk

Overseas business settlement is mainly denominated in USD. Product exports, procurement, construction, and collection at overseas bases involve multi-currency receipts and payments. Although the Company has established a foreign exchange monitoring mechanism and supports it with hedging operations, sharp and drastic exchange rate fluctuations, or deviations in derivative operations, could still directly affect the Company's profitability. (2) Tariff and Trade Barrier Risk

Global trade protectionism is on the rise, and China's amino acid products frequently encounter overseas anti-dumping and countervailing investigations. Since 2026, the EU, Brazil, and the United States have successively imposed high anti-dumping and countervailing duties on lysine and valine. If more countries follow suit and introduce restrictive policies, the price competitiveness of the Company's products will be weakened, resulting in the loss of overseas orders. The return of excess supply to the domestic market will also intensify competition in the domestic industry and compress overall profitability.

(3) Overseas Investment and Operational Risk

The Company has already established overseas production bases. If new overseas projects are continuously built, the risks of existing and incremental assets will be compounded. The overseas geopolitical situation is volatile, project construction and localized operation cost control are difficult, and there is uncertainty in matching local supply chains with production capacity, which may increase operating costs and drag down project returns.

Response measures: The Company will continue to improve its global management and control system, track trade and market access policies of various countries in real time, dynamically adjust foreign exchange hedging plans, and proactively communicate with and properly handle various trade investigations. Before making overseas investments, the Company will conduct thorough market and compliance due diligence, manage project construction and operating costs throughout the entire project lifecycle, and build localized supporting supply chains. It will also continue to cultivate an international professional talent team and comprehensively enhance cross-border compliance management capabilities.

1. Industry Competition and Product Price Fluctuation Risk

The amino acid industry is currently in a cycle of capacity expansion and adjustment, with industry leaders and new entrants continuing to release production capacity, leading to periodic oversupply of certain products. If downstream demand recovery falls short of expectations and the elimination of outdated capacity remains slow, the industry supply-demand landscape will continue to weaken, product selling prices will come under downward pressure, and product gross margins will be directly compressed.

Meanwhile, the Company continues to plan new capacity construction. If market absorption capacity is insufficient after new production lines come on stream, compounded by low-price competition in the industry, the investment returns of new projects will fall short of expectations.

Response measures: track industry supply and demand data on a regular basis, and flexibly adjust the pace of project construction and commissioning according to market conditions; leverage the advantages of the integrated industrial chain and scale-based cost leadership to enhance the ability to operate through cycles; continue to expand high-value-added product tracks such as pharmaceuticals, build differentiated competitive barriers, and hedge against the risk of price fluctuations in bulk products.

1. Technology and Intellectual Property Risk

The Company's core competitiveness relies on proprietary process technologies such as in-house strain selection and directed fermentation. Once core technical information is leaked or key R&D personnel are lost, the technological barriers built over the long term will be weakened, and the Company's product competitive advantages will decline.

At the same time, intellectual property disputes occur frequently in the industry. Although the Company has deployed multiple patents across the entire industrial chain, there is both the possibility of its own patents being infringed by peers and the risk of inadvertently infringing third-party intellectual property rights during production and operations. Related litigation and injunctions may restrict normal production and sales and adversely affect business operations.

Response measures: establish a tiered confidentiality management system and strictly control access to and circulation permissions for R&D materials; improve the long-term incentive mechanism for core R&D personnel to stabilize the technical team; establish a regularized intellectual property management mechanism, proactively defend rights, and conduct periodic patent risk screening to avoid intellectual property legal disputes.

1. Compliance and Operational Risks

(1)Environmental Protection Risk

Most of the Company's production bases are designated as key pollutant discharge units, and the production process generates wastewater, waste gas, and solid waste. If equipment failures or management omissions cause excessive pollutant discharge or sudden environmental incidents, the Company may face fines, suspension for rectification, civil claims, and other penalties, damaging its brand image. As global and domestic environmental protection standards continue to tighten, subsequent investment in environmental technology upgrades and operation and maintenance will continue to increase, raising overall production costs.

(2) Production Safety Risk

The Company uses and stores hazardous chemicals such as liquid ammonia and sulfuric acid in its production processes, and operates a large number of special equipment, with stringent safety management standards. If safety systems are not implemented properly, equipment maintenance is not timely, or employee operations do not follow standards, safety accidents may easily occur, causing casualties, property losses, and full-line shutdowns.

(3) Labor Compliance Risk

The Company has a relatively large workforce. As labor and employment regulatory requirements continue to tighten, the Company needs to continuously improve its compliance management in areas such as social insurance contributions, labor contracts, and compensation management. If relevant processes are not implemented properly, situations such as retroactive payments, rectification, or labor disputes may arise, increasing management costs.

Response measures: fully implement the main responsibilities for environmental protection and safety, and continuously upgrade the HSE management system; carry out regular equipment inspection and hazard identification, and organize emergency drills on a regular basis; increase investment in cleaner production and safety technology upgrades, and enhance inherent safety and pollution control capabilities at the source; conduct regular employee safety and environmental protection training and assessment, and consolidate the foundational control line; in terms of labor and employment, continuously improve employment management systems, carry out regular compliance self-inspections, standardize the entire-process management of social insurance, contracts, and compensation, promptly resolve labor disputes, and maintain a harmonious and stable employment environment.

1. Financial and Tax Policy Change Risks

(1) Interest Rate Fluctuation Risk The Company has floating-rate bank borrowings. If market interest rates continue to rise, interest

expenses will increase accordingly, raising overall financial costs.

(2) Tax Incentive Change Risk Some domestic and overseas subsidiaries rely on preferential income tax policies to reduce their tax

burden. If relevant industrial tax policies are adjusted or existing incentives cannot be extended, the Company's overall tax burden will rise, directly compressing profit margins.

Response measures: optimize the financing structure of long-term and short-term, fixed-rate and floating-rate borrowings, and appropriately use fixed-rate financial instruments to lock in financing costs; continuously track changes in domestic and international tax laws and regulations, and optimize the Company's tax planning in advance; strengthen Company-wide cash flow and asset-liability coordination management to ensure the overall financial structure remains sound.

(II). Other Disclosure Matters

 Applicable √ Not applicable

Section 4 Corporate Governance, Environment, and Society

• I. Changes in directors and officers

 Applicable √ Not applicable Explanation of Changes in directors and officers

 Applicable √ Not applicable

• II. Plans for Profit Distribution or the Conversion of Capital Reserve Interim Profit Distribution and Capital Reserve to Share Capital Plan

• III. Information of the Company’s Share Incentive Plan, Employee Stock Ownership Plan, or Other Staff Incentives and Their Impact

• (I). Relevant equity incentive matters have already been disclosed in temporary announcements, with no subsequent progress or changes in implementation.

 Applicable √ Not applicable

• (II). Incentives that were not disclosed in the provisional announcement or made progress subsequently

Share incentives

 Applicable √ Not applicable Other information

 Applicable √ Not applicable

Employee stock ownership plan √ Applicable Not applicable

1.Employee stock ownership plan for 2024

The Company held the 8th meeting of the tenth board of directors and the first extraordinary general meeting of 2024 on January 16 and February 1, 2024, respectively. At the meetings, the Proposal on the Company’s Employee Stock Ownership Plan (Draft) for 2024 and its Summary, the Proposal on the Management Measures for the Company’s Employee Stock Ownership Plan for 2024, and the Proposal on Requesting Full Authorization from the General Meeting for the Board of Directors to Handle Matters Related to the Company’s Employee Stock Ownership Plan were deliberated and approved. For details, refer to the relevant announcements published by the Company on the website of the Shanghai Stock Exchange (http://www.sse.com.cn) on January 17 and February 2, 2024.

As of June 27, 2024, the Company’s designated account for the 2024 employee stock ownership plan had purchased a total of 18,527,100 shares of the Company through centralized bidding on the secondary market, with a total transaction amount of 192,049,194 yuan (excluding transaction fees) and

an average transaction price of approximately 10.37 yuan per share. The number of shares purchased accounted for 0.65% of the Company’s current total share capital of 2,852,788,750 shares. In accordance with the plan approved at the first extraordinary general meeting of 2024, the purchase under the 2024 employee stock ownership plan has been completed. The purchased shares are subject to lock-up and will be unlocked in two phases after 12 and 24 months from the date of the announcement, with the maximum lock-up period being 24 months. The proportions of shares to be unlocked in each phase are 50% and 50%, respectively.

As of the end of the reporting period, all shares under the 2024 employee stock ownership plan had been released from lock-up. The Company’s designated account for the 2024 employee stock ownership plan held 9,266,101 shares, accounting for 0.33% of the Company’s current total share capital of 2,804,241,650 shares.

1. Employee stock ownership plan for 2025 On February 11, 2025, the Company convened the 17th meeting of the 10th Board of Directors, and

on February 27, 2025, the first extraordinary general meeting of shareholders in 2025. At these meetings, the following proposals were reviewed and approved: Proposal on the 2025 Employee Stock Ownership Plan (Draft) and its Summary, Proposal on the Administrative Measures of the 2025 Employee Stock Ownership Plan, and Proposal on Requesting the General Meeting of Shareholders to Authorize the Board of Directors to Fully Handle Matters Related to the Company’s Employee Stock Ownership Plan. For details, please refer to the announcements disclosed by the Company on the Shanghai Stock Exchange website (http://www.sse.com.cn) on February 12, 2025 and February 28, 2025.

As of the market close on August 1, 2025, the special account of the 2025 Employee Stock Ownership Plan had purchased a total of 21,042,422 shares of the Company through centralized bidding transactions on the secondary market, representing 0.74% of the Company’s total current share capital of 2,852,788,750 shares. The average transaction price was approximately RMB 10.70 per share, with a total transaction amount of RMB 225,143,665.20 (excluding transaction fees). According to the plan approved by the first extraordinary general meeting of shareholders in 2025, the purchase of Company shares under the 2025 Employee Stock Ownership Plan has been completed. The purchased shares will be subject to lock-up in accordance with regulations. The lock-up period will expire in two phases: after 12 months and 24 months from the date of disclosure of the completion announcement, with a maximum lock-up period of 24 months. The shares will be unlocked in two batches, with 50% released each time.

As of the end of the reporting period, the Company's 2025 Employee Stock Ownership Plan had not yet been released from lock-up.

3.Employee stock ownership plan for 2026

On December 11, 2025, the Company convened the 23rd meeting of the 10th Board of Directors, and on December 29, 2025, the second extraordinary general meeting of shareholders in 2025. At these meetings, the following proposals were reviewed and approved: Proposal on the 2026 Employee Stock Ownership Plan (Draft) and its Summary, Proposal on the Administrative Measures of the 2026 Employee Stock Ownership Plan, and Proposal on Requesting the General Meeting of Shareholders to

Authorize the Board of Directors to Fully Handle Matters Related to the Company’s Employee Stock Ownership Plan. For details, please refer to the announcements disclosed by the Company on the Shanghai Stock Exchange website (http://www.sse.com.cn) on December 12, 2025 and December 30, 2025.

As of the market close on April 23, 2026, the special account of the 2026 Employee Stock Ownership Plan had purchased a total of 6,271,100 shares of the Company through centralized bidding transactions on the secondary market, representing 0.22% of the Company’s total current share capital of 2,804,241,650 shares. The average transaction price was approximately RMB 10.03 per share, with a total transaction amount of RMB 62,890,725 (excluding transaction fees). According to the plan approved by the second extraordinary general meeting of shareholders in 2025, the purchase of Company shares under the 2026 Employee Stock Ownership Plan has been completed. The purchased shares will be subject to lock-up in accordance with regulations. The lock-up period will expire in two phases: after 12 months and 24 months from the date of disclosure of the completion announcement, with a maximum lock-up period of 24 months. The shares will be unlocked in two batches, with 50% released each time.

Other incentives

 Applicable √ Not applicable

• IV. Environmental Information Disclosure of Listed Companies and Their Major Subsidiaries Included in the Mandatory Environmental Information Disclosure List

√ Applicable Not applicable

Other information √ Applicable Not applicable

Except for the above-mentioned companies, other wholly-owned subsidiaries of the Company, such as Langfang Meihua Condiments Co., Ltd. and Tongliao Meihua Condiments Co., Ltd., which are engaged in the packaging and sales of condiments; Lhasa Meihua, which is engaged in external investment; Hong Kong Meihua, a trading company responsible for exporting the Company’s products; and Meihua (Shanghai) Biotechnology Co., Ltd., which focuses on technology development, are not included in the list of enterprises required to disclose environmental information in accordance with the law.

• V. Consolidation and Expansion of Achievements in Poverty Alleviation and Work Related to Rural Revitalization

√ Applicable Not applicable

During the reporting period, the Company consistently upheld the philosophy of "developing the enterprise and giving back to society," actively fulfilled its social responsibilities, and widely participated in and supported various charitable and public welfare activities. All of the Company's public welfare activities were carried out through its Tibet Meihua Public Welfare Foundation. In the first half of 2026, the Foundation made cumulative external donations of RMB 1,668,326, covering multiple fields including education support, assistance to disadvantaged groups and persons with disabilities, child protection, ecological protection, and healthcare, continuously giving back to society through diversified forms of public welfare.

Education Support: Donated RMB 500,000 to the Shanghai Pudong New Area Social Development Foundation, specifically for the education public welfare programs and organizational development of the Chunhe Youth Development Center, helping rural children stimulate innovative thinking and cultivate independent, open, and confident qualities. Donated RMB 150,000 to the Tongliao Horqin District Nuanxin Education Development Foundation to support the development of local education public welfare undertakings. Through the Company's May Cultural Festival charity walk event themed "Walking Toward Goodness, Journeying Together on the Path of Public Welfare," donated RMB 140,063 to the China Social Welfare Foundation. The funds were used to distribute music kits, art kits, and other aesthetic education supplies to students at 155 rural schools in Hebei, Inner Mongolia, Xinjiang, and Jilin, enhancing students' artistic literacy. Donated RMB 78,633 to the Hebei Charity

Federation to distribute dream bags, sports kits, book corners, and other supplies to students at Tongjiakou Primary School in Pingshan County, Shijiazhuang. Donated RMB 29,800 to the Baicheng Charity Federation to support artificial intelligence comprehensive practice programs in local primary and secondary schools.

Assistance to Disadvantaged Groups and Persons with Disabilities: Donated RMB 80,000 to the Baicheng Charity Federation to support assistance to people in need. Donated RMB 50,000 to the Wujiaqu Charity Federation to support assistance to persons with disabilities. Donated goods worth RMB 5,080 to the Hebei Foundation for Disabled Persons. Donated RMB 4,750 to the Baicheng Charity Federation to help low-income groups with medical insurance contributions, covering 19 individuals with special difficulties.

Child Protection and Mental Health: Donated RMB 150,000 to the Beijing Zhongyi Public Welfare Foundation to support projects such as girl child protection, "Legal Aid Buds," and "Heart Aid Buds," safeguarding children's physical and mental health and legitimate rights and interests.

Ecological and Environmental Protection: Donated RMB 200,000 to the Tongliao Biodiversity Conservation Association to support biodiversity conservation. Donated RMB 30,000 to the Hebei Charity Federation to support environmental protection at the Bazhou Ecological Park in Hebei Province and the construction of the "Meihua Low-Carbon Public Welfare Forest," practicing social responsibility and ESG principles through concrete actions.

Community Building and Public Safety: Donated RMB 50,000 to the Hebei Public Security Heroes Foundation to support the families of deceased heroes facing difficulties, as well as police officers and auxiliary police officers who are disabled in the line of duty or suffering from serious illnesses and extreme hardship.

Healthcare: Donated RMB 200,000 to the Nanjing Medical University Education Development Foundation to support the scientific research and talent cultivation work of medical research teams.

The Company will continue to make public welfare a regular practice, integrate social responsibility into daily operations, and maintain sustained efforts in consolidating and expanding poverty alleviation achievements and comprehensively advancing rural revitalization. At the same time, the Company will fulfill its corporate responsibilities, convey warmth and hope through more diversified forms of public welfare, and demonstrate the social responsibility of a listed company.

Section 5 Significant Matters

I. Fulfillment of Commitments (I). Commitments of relevant parties, including the Company’s actual controller, shareholders, related parties, acquirers, and the Company √ Applicable Not applicable

II. Use of Funds by Controlling Shareholder and Related Parties for Non-operational Purposes During the Reporting Period

 Applicable √ Not applicable

III. Guarantees in Violation of Regulations

 Applicable √ Not applicable

IV. Audit Status of the Semi-Annual Report

 Applicable √ Not applicable

V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in Last Year’s Annual Report

 Applicable √ Not applicable

VI. Bankruptcy and Restructuring-Related Matters

 Applicable √ Not applicable

VII. Significant Litigation and Arbitration √ The company had significant litigation and arbitration matters during the reporting period

□The company had no significant litigation or arbitration matters during the reporting period

• (I). Circumstances in which litigation or arbitration was disclosed in provisional announcements but did not subsequently progress

√ Applicable Not applicable

• (II). Circumstance where any litigation or arbitration was not disclosed in provisional announcements or progressed subsequently

 Applicable √ Not applicable

• (III). Other information √ Applicable Not applicable

1. Litigation related to Ajinomoto Co., Inc. of Japan Ajinomoto Co., Inc. of Japan has filed a lawsuit against the Company and its wholly-owned subsidiaries—Tongliao Meihua, Xinjiang Meihua, and Jilin Meihua—alleging patent infringement. The Guangdong Higher People’s Court has accepted the case. For further details, please refer to the relevant announcements issued by the Company.

As of the date of this report, the case has not yet been heard in court. The Company is actively defending itself in accordance with the law and taking necessary legal measures to resolutely safeguard the legitimate rights and interests of the Company and its shareholders. The Company will continue to monitor the progress of the case and fulfill its information disclosure obligations in a timely manner.

• VIII. Alleged Violations of and Punishments on the Listed Company as well as its Directors, Officers, Controlling Shareholder, and Actual Controller, and the Rectifications

 Applicable √ Not applicable

• IX. Credit Statuses of the Company as well as its Controlling Shareholder and Actual Controller during the Reporting Period

 Applicable √ Not applicable

• X. Significant Related-Party Transactions

• (I). Related-party transactions related to day-to-day operations

• 1. Matters that were disclosed in provisional announcements and did not progress or change subsequently

 Applicable √ Not applicable

• 2. Matters that were disclosed in provisional announcements but progressed or changed subsequently √ Applicable Not applicable

• 1) Related-party transactions concerning the purchase of commodities or the receiving of labor services

• 2) Related-party transactions concerning the sale of commodities or the provision of labor services.

• 3) Related-party leases Where the Company is the lessor

Where the Company is the lessee

Name of lessee Type of leased asset

Rental income recognized in the current

Rental income recognized in the previous period

3. Significant related-party transactions not previously disclosed in provisional announcements

 Applicable √ Not applicable

• (II). Related-party transactions concerning the purchase or sales of assets or shares

• 1. Matters that were disclosed in provisional announcements and did not progress or change subsequently

 Applicable √ Not applicable

• 2. Matters that were disclosed in provisional announcements but progressed or changed subsequently

 Applicable √ Not applicable

• 3. Significant related-party transactions not previously disclosed in provisional announcements

 Applicable √ Not applicable

• 4. Where it involves agreements on performance targets, the Company should disclose the accomplishment of performance targets during the Reporting Period

 Applicable √ Not applicable

• (III). Significant related-party transactions concerning joint outbound investment

• 1. Matters that were disclosed in provisional announcements and did not progress or change subsequently

 Applicable √ Not applicable

• 2. Matters that were disclosed in provisional announcements but progressed or changed subsequently

 Applicable √ Not applicable

• 3. Significant related-party transactions not previously disclosed in provisional announcements

 Applicable √ Not applicable

• (IV). Related-party dealings of creditor’s right and debts

• 1. Matters that were disclosed in provisional announcements and did not progress or change subsequently

 Applicable √ Not applicable

2. Matters that were disclosed in provisional announcements but progressed or changed subsequently

 Applicable √ Not applicable

3. Significant related-party transactions not previously disclosed in provisional announcements

 Applicable √ Not applicable

• (V). Finance business between the Company and related finance companies, the Company’s holding finance companies, and related parties

 Applicable √ Not applicable

• (VI). Other material related-party transactions

 Applicable √ Not applicable

• (VII). Miscellaneous

 Applicable √ Not applicable

• XI. Major Contracts and Performance

• (I). Trusteeship, contracting, and lease matters

 Applicable √ Not applicable

• (II). Major guarantees executed during the reporting period and those not yet fulfilled

√Applicable □Not applicable

Unit: yuan Currency: RMB

(III). Other major contracts

 Applicable √ Not applicable

XII. Progress of the use of raised funds

 Applicable √ Not applicable

XIII. Other Important Matters √ Applicable Not applicable

1. Progress of share repurchases On December 29, 2025, the Company convened the first meeting of its 11th Board of Directors, at which the “Proposal on the Repurchase of Company Shares via Centralized Auction Trading” was reviewed and approved. The Board agreed that the Company may use its own funds to repurchase its shares via centralized auction trading for the purpose of subsequently implementing an employee stock ownership plan or equity incentive program. The total repurchase amount shall be no less than RMB 30 million (inclusive) and no more than RMB 50 million (inclusive), with a repurchase price not exceeding RMB 15 per share. The repurchase period shall not exceed 12 months from the date the Board of Directors approved this share repurchase plan (i.e., December 29, 2025, to December 28, 2026).

As of the market close on April 23, 2026, the Company has actually repurchased 3,999,100 shares through centralized bidding transactions, accounting for 0.14% of the Company’s current total share capital (2,804,241,650 shares). The highest repurchase price was RMB 10.07 per share, and the lowest repurchase price was RMB 9.90 per share, with an average repurchase price of RMB 10.00 per share, and the total amount used was RMB 39,995,900 (excluding transaction fees). The amount of shares repurchased by the Company during the repurchase period has reached the minimum amount specified in the repurchase plan, and the implementation of the share repurchase plan has been completed. For details, refer to the Announcement of MeiHua Holdings Group Co., Ltd. on the Results of Share Repurchase and Changes in Shares (Announcement No.: 2026-028) published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on April 24, 2026.

1. Implementation Status of the Shareholding Increase Plan A total of 76 members, including certain directors, officers, and other key management personnel (or technical leaders) of the Company, driven by their confidence in the Company’s future prospects and recognition of its long-term investment value, and with the aim of maintaining stability in the capital markets and boosting investor confidence, plan to increase their holdings of the Company’s shares through purchases on the secondary market for a period not exceeding 12 months starting from January 14, 2026. The total amount of shares to be purchased is expected to be no less than RMB 303.75 million (including transaction costs) and no more than RMB 350.15 million (including transaction costs). They have committed not to sell any of their existing shares in the Company during the implementation of this share purchase plan, and not to sell the shares acquired through this plan by any means for a period of 24 months following the full completion of the plan and the Company’s lawful public announcement thereof.

As of June 8, 2026, the above-mentioned entities that increased their shareholding had cumulatively increased their shareholding in the Company by a total of 32,018,437 shares through centralized bidding transactions on the secondary market, accounting for 1.142% of the Company’s current total share capital of 2,804,241,650 shares. The cumulative increase amount was RMB 315,626,400.76, which has exceeded the minimum amount specified in this shareholding increase plan, and this shareholding increase plan has been completed. For details, please refer to the Announcement of MeiHua Holdings Group Co., Ltd. on the Completion of the Shareholding Increase Plan and the Results of Shareholding Increase by Directors, Senior Management and Other Core Management of the Company (Announcement No.: 2026-032) published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on June 9, 2026.

In addition, on June 12, 2026, the Company received a notice that Mr. Wang Aimin, a person acting in concert with the Company’s controlling shareholder, had increased his shareholding in the Company by a total of 342,200 shares through centralized bidding transactions on the secondary market, accounting for 0.012% of the Company’s current total share capital of 2,804,241,650 shares. The increase amount was RMB 3,001,516. Mr. Wang Aimin committed that within 24 months after the completion of this shareholding increase and the Company’s announcement in accordance with the law, he will not reduce his shareholding in the Company acquired through this increase in any way. For details, please refer to the Announcement of MeiHua Holdings Group Co., Ltd. on the Shareholding Increase by a Person Acting in Concert with the Controlling Shareholder (Announcement No.: 2026-033) published by the Company on the website of the Shanghai Stock Exchange (www.sse.com.cn) on June 13, 2026.

Section 6 Share Changes and Shareholders

• I. Changes in Share Capital

• (I). Table of share changes

• 1. Table of share changes During the reporting period, the total number of the company’s shares and its share capital structure remained unchanged.
• 2. Explanation of Changes in Share Capital

 Applicable √ Not applicable

• 3. Impact of Shareholding Changes Occurring Between the End of the Reporting Period and the Date of Semi-Annual Report Disclosure on Financial Indicators such as Earnings per Share and Net Assets per Share (if applicable)

 Applicable √ Not applicable

4. Other information that the Company deems necessary to disclose or as required by the securities regulatory body

 Applicable √ Not applicable

(II). Changes in restricted sales

 Applicable √ Not applicable

• II. Shareholder Information

• (I). Total number of shareholders

• (II). Shares held by the top ten shareholders and the top ten holders of tradable shares (or holders of non-restricted shares) as of the end of the Reporting Period

Unit: Share

Participation of shareholders holding 5% or more, top ten shareholders, and top ten holders of unrestricted outstanding shares in securities lending through the stock lending and borrowing (SLB) program.

 Applicable √ Not applicable

Changes in the Top Ten Shareholders and Top Ten Holders of Unrestricted Outstanding Shares Due to Stock Lending and Borrowing (SLB) Activities

 Applicable √ Not applicable

Number of shares held by the top ten holders of restricted shares and the restrictions

 Applicable √ Not applicable

• (III). Strategic investors or general legal persons becoming top ten holders due to the allotment of new shares

 Applicable √ Not applicable

• III. Information of Directors and Officers

• (I). Changes in Shareholdings of Current and Resigned Directors and Senior Management During the Reporting Period

√Applicable Not applicable

Unit: share

Other Explanatory Information  Applicable √ Not applicable

• (II). Equity Incentives Granted to Director and Senior Management During the Reporting Period

 Applicable √ Not applicable

• (III). Other information

 Applicable √ Not applicable

IV. Changes in Controlling Shareholder or Actual Controller √Applicable Not applicable

During the reporting period, Meng Qingshan, the controlling shareholder of the Company, remained unchanged. As his children Wang Ailing, Wang Aimin, and Wang Aidi increased their shareholding in the Company through centralized bidding on the secondary market, Wang Ailing, Wang Aimin, and Wang Aidi, together with Meng Qingshan, Wang Aijun, and He Jun, constitute persons acting in concert. For details, please refer to the relevant announcements published by the Company.

V. Information on Preferred Shares

 Applicable √ Not applicable

Section 7 Information on Securities

I. Corporate Bonds (including Enterprise Bonds) and Non-Financial Corporate Debt Financing Instruments

 Applicable √ Not applicable

II. Information of Convertible Debentures

 Applicable √ Not applicable

Section 8 Financial Report

I. Audit Report

 Applicable √ Not Applicable

II. Financial Statements Consolidated Balance Sheet

June 30, 2026 Prepared by: MeiHua Holdings Group Co., Ltd.

Unit: Yuan Currency: RMB

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Parent Company’s Balance Sheet June 30, 2026

Prepared by: MeiHua Holdings Group Co., Ltd.

Unit: Yuan Currency: RMB

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Consolidated Income Statement January to June 2026

Unit: Yuan Currency: RMB

For the current period, in cases of merger of enterprises under the same control, the net profit realized by the merged entity prior to the merger is: RMB 0 yuan, and the net profit realized by the merged entity in the previous period is: RMB 0 yuan.

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Parent Company’s Income Statement January to June 2026

Unit: Yuan Currency: RMB

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Consolidated Cash Flow Statement January to June 2026

Unit: Yuan Currency: RMB

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Parent Company’s Cash Flow Statement January to June 2026

Unit: Yuan Currency: RMB

Head of the Company: Wang Aijun Head of Accounting: Wang Lihong Head of the Accounting Institution: Wang Ailing

Consolidated Statement of Changes in Owner's Equity January to June 2026

Unit: Yuan Currency: RMB